Property Owners Move Scarce Resources Towards the Production of Goods

question 80

Multiple Choice

Property owners move scarce resources towards the production of goods most valued by society because

• A)government controls the allocation of resources.
• B)consumers demand inexpensive goods and services.
• C)managers are solely pursuing the interests of society.
• D)firms attempt to maximize profits.

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Definitions:

Producer Groups

Organizations or associations of producers that collaborate to protect their interests, often through lobbying, marketing, and sharing resources to improve their market position.

Advertising

The act or job of creating promotional material for commercial goods or services.

Advertising

The action of calling public attention to products, services, needs, etc., especially by paid announcements in newspapers and magazines, over the radio or television, on billboards, etc.

Long-run Equilibrium

The state in which all inputs are variable, allowing firms to make adjustments and the market to clear.